The Federal Investigation Agency (FIA) and the Evacuee Trust Property Board (ETPB) have sealed and taken control of the Karachi Cotton Exchange Building on I.I. Chundrigar Road. They described the move as part of a joint operation to reclaim federal trust property.
In a joint statement, the two agencies said the federal government holds the building in trust. They cited a gazette notification that vests legal title in the federal government.
According to the FIA and ETPB, officials discovered during the operation that the Karachi Cotton Association (KCA) had unlawfully occupied the premises. The agencies alleged that the association permitted multiple tenants to operate within the building. Moreover, they collect rent without legal authority.
Officials said they secured the property in the presence of FIA and ETPB representatives, as well as KCA members.
“All occupants and tenants were given sufficient time to remove their personal belongings safely,” the statement said. Authorities then sealed the building under their custody.
The FIA and ETPB acknowledged that valuables and official records may still be inside the building. They said they have arranged a formal application and verification process to allow occupants to retrieve remaining items.
Both agencies reaffirmed their commitment to safeguarding federal assets. They are taking action against what they described as an illegal occupation of government property. The Karachi Cotton Association strongly condemned the operation, calling it unlawful and beyond the authority of both agencies.
In a statement, the KCA said it holds lawful possession of the building under a valid lease issued by the Karachi Municipal Corporation, which runs until 2081.
The association also rejected the classification of the building as evacuee or trust property. It said the Karachi Cotton Association Ltd purchased the property through a registered conveyance deed in May 1936, well before the creation of Pakistan in 1947.
Based on this claim, the KCA argued that the building does not qualify as abandoned or evacuee property under applicable law.
The KCA demanded the immediate withdrawal of any sealing notice and the de-sealing of the building. It warned that failure to comply would compel the association to pursue legal remedies. Their action is for alleged unlawful action and financial losses.
